Canned Seafood Market To Hit Value $27.8 Billion By 2025 |Grand View Research, Inc.
The global canned
seafood market size is expected
to reach USD 27.8 billion by 2025,
growing at a CAGR of 3.2% according
to a new report by Grand View Research, Inc. The industry is anticipated to
grow on account of rising demand for processed food due to ease of consumption.
The health benefits offered by canned
sea food such as essential nutrients added during canning process including
vitamin B12, D and A leading to the metabolism improvement, is expected to
drive growth over next eight years. In addition, high demand for the ready to
eat seafood is expected to translate into an increased product consumption.
The product offers health benefits
including improvement eye sight, reduced risk of depression, increased
immunity. In addition, the calcium content provided by this product helps in
increasing bone strength thereby driving the demand for such products. Use of
sustainable fish farming techniques is expected to result in an increased
yield, leading to abundance of raw material for the market.
Technological advancements in tuna
fishing with use of Fish Aggregating devices and advanced packaging technology
for fish products is anticipated drive the industry growth over the eight
years. In addition, improved packaging procedures with the use of RFID tags to
improve the product traceability and agglomeration is expected to increase the
product adoption by the consumers, thereby contributing to the market growth.
The competition in the canned seafood
industry is concentrated over the Asia Pacific region with the presence of
global and domestic players. Major
companies in the industry including Bumble Bee Seafoods, StarKist Co., Wild
Planet Foods, Connors Bros Ltd., Tradient Seafood. Sophisticated
performance, reduction in the cost, superior quality and use of advanced
technologies are anticipated to be major characteristics of the players in the
market.
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Further key findings from the report suggest:
·
Sardines is expected to emerge
as the fastest growing segment growing at a CAGR 5.0%, by revenue from 2017 to
2025 owing to the rising availability in ecommerce coupled with increased
health benefits offered by the product.
·
The canned tuna market is
expected to account for 47.5% of the global volume due to high consumer
adoption coupled with superior taste of the product. In addition, the industry
is expected to benefit from the high production volume of tuna primarily in
Asia Pacific.
·
The industry in Asia Pacific is
expected to grow at a CAGR of 4.1% by revenue, from 2017 to 2025 due to high
product consumption by the consumers as a part of staple diet primarily in
China, Japan, and Thailand.
·
A majority of the products
consumed across the globe are manufactured and canned in Asia Pacific due to
abundance of raw material coupled with presence of a large number of canneries
in the region.
·
Key players operate the
business through mergers & acquisitions in order to increase the market
share. In addition, the companies produced varying customized products in
accordance to the export destinations of the product.
Canned
tuna emerged as one of the widely consumed product in industry. On account of
its superior properties including rich source of lean proteins. In addition,
other nutrients offered by the product such as omega 3 fatty acid, that results
in the improvement of personal health, is anticipated for increase the
consumption.
The
advantages offered by the product including improved immune system, reduced
blood pressure, reduced depression, coupled with strengthened bones is likely
to increase the consumption of this product. In addition, the products aids in
weight reduction and cancer prevention, which is anticipated to rise the
consumption of the product over the next eight years.
Canned
shrimp market is expected to grow at a CAGR of over 4.1%, by revenue, from 2017
to 2025 owing to factors such as high nutritional value, use of the product
across multiple cuisines adoption of the product by high-end restaurants. In
addition, the product provides benefits such as low fat content coupled with
high concentration of easily digestible protein, which is expected to drive
the canned seafood market growth.
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Release of this report:
Demand
for the product is likely to rise due to increased product consumption owing to
health benefits coupled with the adoption of sustainable fish farming
techniques adopted by the manufacturers. In addition, advantages offered by
this product including extended shelf life, ease in cooking, are anticipated to
drive growth.
The
industry in the U.S. is expected to be driven by the high product use in
restaurants and other eateries. In addition, high demand for ready to eat
exotic products in the economy is expected to drive growth over the forecast
period. Furthermore, key players in the industry resort to the use of premium
quality tuna for canning in order to alleviate the concerns regarding canned
tuna.
The
industry is anticipated to grow in Asia Pacific as fish forms an important food
for the population living in economies such as Japan, China, Vietnam,
Indonesia, and Thailand. In addition, positive governmental support in terms of
reduction in tariff, waving import tariff is likely to drive the growth in
market for next eight years. In addition, presence of large companies in the
region is expected to benefit growth over the forecast period.
The
price of the product is influenced by the volatility in the production level of
fishes. Lower income levels of population in developing economies are unable to
afford the product which is likely to hamper industry growth. In addition, the
seasonal availability of the product is anticipated to hamper the growth.
However, decrease in the price for products such as canned tuna is expected to
drive growth.
Grand View Research has segmented the
global canned seafood market on the basis of product:
Canned Seafood Product Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
Tuna
·
Salmon
·
Sardines
·
Other fish
·
Prawns
·
Shrimps
·
Other seafood
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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